The Investor's Podcast (We Study Billionaires) - The Investor’s Podcast Network

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Latest Episodes:

TIP522: Unconventional Wisdom From The Greatest Minds In Investing w/ Joseph Shaposhnik Feb 10, 2023

Show notes

Trey chats with Joseph Shaposhnik. Joseph is the Portfolio Manager of TCW’s New America Premier Equities Fund. Joseph also serves as a Senior Equity Analyst in the equity research group with coverage responsibility for the industrials and basic materials sectors. Before joining TCW in 2011, he was an Equity Research Associate at Fidelity, focusing on the semiconductor and entertainment software sectors.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

01:52 - Unconventional wisdom and strategies that Joseph has learned from working under Joel Tillinghast, Will Danoff and under mentorship from Brian Jellison.

28:40 - How he has shaped his strategy for his fund that has outperformed it’s benchmark by 3.5% since inception.

37:16 - An overview of some of the funds top holdings, including Constellation Software, Factset and Broadcom.

50:17 - Insights from Buffett’s investment in TSM and Precision Castparts.

And a lot more!

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
TCW New America Premier Equities Fund.
Joseph Shaposhnik Linkedin.
Trey Lockerbie Twitter.
Related Episode: Listen to Fidelity Legend Joel Tillinghast - RWH017 or watch the video.

NEW TO THE SHOW?

Check out our We Study Billionaires Starter Packs.
Browse through all our episodes (complete with transcripts)here.
Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
Enjoy exclusive perks from our favorite Apps and Services.
Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
Learn how to better start, manage, and grow your business with thebest business podcasts.

SPONSORS

Support our free podcast by supporting our sponsors:

HELP US OUT!

Help us reach new listeners by leaving us arating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it!

Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

BTC116: Bitcoin Ordinals and NFTs on Layer 1 of the Protocol w/ Pierre Rochard (Bitcoin Podcast) Feb 08, 2023

Show notes

Pierre Rochard comes back to the show to do a deep dive into ordinals and the impact of people being able to put NFTs onto the base layer of the Bitcoin protocol. Many people in the space are currently debating whether this is a good thing or a bad thing, and there's no one better than Pierre to provide a good objective look at what it means and whether it potentially presents an attack vector to the protocol in the long term.

Pierre has an in-depth understanding of the code, how exchanges work, mining, and everything else in between.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

01:30 - What are ordinals?

11:37 - A background on the current mining company that nearly filled an entire block with a .jpg file.

29:07 - The idea of a soft fork limiting an op-push in the input / output portion of each block.

34:50 - A history on what updates occurred that allowed this to start happening on layer 1 Bitcoin.

50:20 - Is this a coordinated DoS attack on the network? Could it be?

50:20 - Are their concerns with illicit pictures being put onto the blockchain a potentially attack vector?

51:29 - Couldn't node operators simply run a pruned node to defend against such an attack?

55:05 - What does this look like in 3 to 5 years from now if nothing is done?

56:32 - Thoughts on Charlie Munger's Wall Street Journal article bashing Bitcoin.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
Pierre'sTwitter account.
Pierre's mining companyRiot Platforms.
Related Episode: Listen to BTC109: Bitcoin Taro, GBTC Discount, & More w/ Pierre & Morgen Rochard, or watch the video.
Related Episode: Listen to BTC095: Bitcoin Time Stamping w/ Pierre Rochard, or watch the video.

NEW TO THE SHOW?

Check out our We Study Billionaires Starter Packs.
Browse through all our episodes (complete with transcripts)here.
Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
Enjoy exclusive perks from our favorite Apps and Services.
Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
Learn how to better start, manage, and grow your business with thebest business podcasts.

SPONSORS

Support our free podcast by supporting our sponsors:

Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

TIP521: Warren Buffett's Shareholder Letters Feb 07, 2023

Show notes

On today’s episode, Clay reviews Warren Buffett’s shareholder letters and shares his takeaways, and distills some of the biggest lessons he learned. If you asked a lot of value investors, they would tell you that reading Buffett’s letters is equivalent to an MBA on value investing and business. Buffett has a lot to teach us as investors as he has grown the value of Berkshire shares by over 3,600,000% since he took control of the business in 1965.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

07:44 - What Berkshire’s “Big Four” businesses are.

13:16 - What Buffett looks for when investing in a business and what he looks for in a management team.

14:19 - Why Buffett loves share repurchases and why they give me further vindication that a stock is cheap.

18:28 - Why it pays to treat your colleagues and shareholders like partners.

24:49 - Why industries with constant change should be avoided by investors.

28:36 - How Buffett views cash and leverage in his capital allocation strategy.

49:28 - What Buffett looks for when selecting him and Charlie’s successors.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
The Essays of Warren Buffett by Lawrence Cunningham.
Listen to Clay’s review of The Education of a Value Investor by Guy Spier, or watch the video.
Tune into the recent We Study Billionaires’ episode covering The Dhandho Investor by Mohnish Pabrai, or watch the video.
Learn more about our free social events in Omahahere.
Follow Clay on Twitter.

NEW TO THE SHOW?

Check out our We Study Billionaires Starter Packs.
Browse through all our episodes (complete with transcripts)here.
Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
Enjoy exclusive perks from our favorite Apps and Services.
Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
Learn how to better start, manage, and grow your business with thebest business podcasts.

SPONSORS

Support our free podcast by supporting our sponsors:

Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

RWH021: Investing Amid Uncertainty w/ Joel Greenblatt, Bill Miller, Howard Marks, & François Rochon Feb 05, 2023

Show notes

William Green showcases some of the most valuable insights from four investing superstars who have recently appeared on the Richer, Wiser, Happier podcast: Joel Greenblatt, Bill Miller, Howard Marks, & François Rochon. Here, these famed investors share practical lessons on how to deal with uncertainty & handle the emotional challenges of investing in turbulent times. William adds his own observations, drawing on his conversations with these great investors & with legends like Sir John Templeton, Peter Lynch, & Charlie Munger.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

03:34 - How a disastrous investment taught Joel Greenblatt that anything can happen.

10:34 - What Fidelity legend Peter Lynch learned from a shocking setback early in his career.

12:06 - How to protect ourselves from uncertainty, bad luck, & our own analytical mistakes.

12:49 - Why Howard Marks warns that you shouldn’t push the limits if you want to avoid ruin.

14:48 - How Joel Greenblatt deals with mistakes by learning from them, then moving forward.

28:08 - How Joel handles the “kick in the stomach” when an investment goes wrong.

35:02 - How to succeed by taking advantage of the wild emotional mood swings of the crowd.

38:30 - Why stock pickers must learn to value businesses, buy at a discount, & then wait.

40:17 - How Bill Miller handles the discomfort of brutal losses during the most turbulent times.

43:00 - What Bill advises regular investors to do so they can endure the pain of market mayhem.

44:33 - Why Howard Marks says we need to be honest about our tolerance for risk & loss.

46:06 - How the best investors diversify or concentrate in ways that suit their temperament.

50:07 - Why Howard believes that “emotion is the greatest enemy of superior investing.”

52:35 - How Sir John Templeton thrived by hunting for bargains in the most-hated markets.

1:00:41 - Why Howard Marks thinks he was wrong to be a “knee-jerk skeptic” about Bitcoin.

1:03:30 - How to safeguard against our own biases, hubris, & overconfidence.

1:08:58 - Why François Rochon is convinced that it’s rational to be optimistic about the future.

1:10:51 - What history shows about mankind’s extraordinary ability to find solutions to its problems.

1:21:31 - Why Warren Buffett says that bad news is an investor’s best friend.

1:23:23 - Why Buffett regards babies being born in America today as “the luckiest crop in history.”

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
Listen to William's interview with Ray Dalio, The Changing World Order - TIP410, or watch the video.
Listen to William’s interview with Joel Greenblatt, How to Win the Investing Game - RWH003, or watch the video.
Listen to William’s interview with Bill Miller, Investing Legend Bill Miller on Amazon, Bitcoin, & Buffett - RWH007, or watch the video.
Listen to William’s interview with Howard Marks, Investing Wisely In An Uncertain World - RWH002, or watch the video.
Listen to William’s interview with François Rochon, The Best of the Best - RWH016, or watch the video.
Berkshire Hathaway’s 2015annual report, featuring Buffett’s optimistic view of the future.
William Green’s book, “Richer, Wiser, Happier” –read the reviews of this book.
Follow William Green on Twitter.

SPONSORS

Support our free podcast by supporting our sponsors:

Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

TIP520: Investing Through Post-bubble Markets w/ Jamie Catherwood Feb 03, 2023

Show notes

Trey brings back financial historian, Jamie Catherwood. Jamie is a Client Portfolio Specialist at O'Shaughnessy Asset Management and the author of the popular blog, Investor Amnesia.

Trey and Jamie discuss the historical viewpoint on a post-bubble world, the impact of 1800s markets on our current market outlook, and more.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

01:45 - How markets from the 1800’s can inform how we view our market today.

13:27 - How the frauds of today like FTX draw similarities to frauds of the past.

31:00 - How the crypto market resembles the early days of the stock market.

40:32 - Why market regulations developed in the US.

54:10 - Where the term “bankruptcy” comes from.

55: 30 - Other fascinating facts and stories from the past.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
Investor AmnesiaWebsite.
Sunday Reads Blog.
Osam Paper on The Great Inflation.
Related Episode: Listen to Jamie Catherwood, The History of Bubbles, Mania & Fraud–TIP427 or watch the video.
Trey Lockerbie'sTwitter.
Jamie Catherwood'sTwitter.

NEW TO THE SHOW?

Check out our We Study Billionaires Starter Packs.
Browse through all our episodes (complete with transcripts)here.
Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
Enjoy exclusive perks from our favorite Apps and Services.
Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
Learn how to better start, manage, and grow your business with thebest business podcasts.

SPONSORS

Support our free podcast by supporting our sponsors:

HELP US OUT!

Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

BTC115: Bitcoin and The Creator Economy w/ Justin Rezvani (Bitcoin Podcast) Feb 01, 2023

Show notes

Preston Pysh is joined by Bitcoin Lightning expert Justin Rezvani. Justin is a Forbes 30 under 30 and has some fascinating stories as a tech entrepreneur.

Justin discusses how he sees the creator economy evolving with immediate settlement happening on the Lightning Network, and how people are going to be compensated for holding their own data and content instead of the big platform owners.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

01:15 - Justin's background as an entrepreneur.

01:20 - Justin's advice for young entrepreneurs.

06:46 - How Justin found Bitcoin.

06:46 - Justin's new application, Zion, and how it fits into decentralized social media.

09:52 - How Justin became familiar with the Lightning Network.

11:50 - Justin's opinions about the Creator Economy at large.

26:28 - Decentralized Web Nodes and Web 5.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
Justin's Twitter Account.
Justin's Social Application: Zion.

NEW TO THE SHOW?

Check out our We Study Billionaires Starter Packs.
Browse through all our episodes (complete with transcripts)here.
Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
Enjoy exclusive perks from our favorite Apps and Services.
Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
Learn how to better start, manage, and grow your business with thebest business podcasts.

SPONSORS

Support our free podcast by supporting our sponsors:

Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

TIP519: The Education of a Value Investor by Guy Spier Jan 29, 2023

Show notes

Clay reviews Guy Spier’s book, The Education of a Value Investor. Guy Spier is a renowned hedge fund manager who has beaten the S&P 500 by almost 250 percentage points since launching the Aquamarine Fund in 1997. He has also been a guest on We Study Billionaires several times, including episode #14 released all the way back in 2014.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

02:27 - Guy’s story and background, and the critical mistakes he learned from the journey.

06:39 - How studying Tony Robbins and Warren Buffett changed his life.

19:48 - How writing handwritten letters helped Guy forge and develop extremely valuable and fulfilling relationships.

23:20 - What led Guy to purchase a charity lunch with Warren Buffett.

43:54 - What he learned from experiencing the great financial crisis as a fund manager.

51:45 - Why Guy values fulfillment and a life well-lived over money.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
Tune into the recent We Study Billionaires episode covering The Dhandho Investor by Mohnish Pabrai or watch the video.
Learn how to value a company by tuning into our review of The Little Book of Valuation by Aswath Damodaran or watch the video.
Related Episode: Listen to Guy Spier, The Education of a Value Investor–TIP014 or watch the video.
Related Episode: Listen to Investing and Life Masterclass w/ Guy Spier–TIP414 or watch the video.
Related Episode: Listen to How to Build Enduring Wealth w/ Guy Spier–RWH009 or watch the video.
Guy Spier’s book: The Education of a Value Investor.
William Green’s book: Richer, Wiser, Happier.
Follow Clay on Twitter.

NEW TO THE SHOW?

Check out our We Study Billionaires Starter Packs.
Browse through all our episodes (complete with transcripts)here.
Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
Enjoy exclusive perks from our favorite Apps and Services.
Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
Learn how to better start, manage, and grow your business with thebest business podcasts.

SPONSORS

Support our free podcast by supporting our sponsors:

Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

TIP518: The "Buy" List for 2023 w/ Eddy Elfenbein Jan 27, 2023

Show notes

Trey chats with Eddy Elfenbein, a portfolio manager and editor of the blog Crossing Wall Street. They discussed his Buy List for 2022 and reviewed his list for 2023. Eddy's 'Buy List' has beaten the S&P 500 by 102% over the last 17 years.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

02:08 - How the 2022 list performed during one of the worst stock market years on record.

06:12 - Which five stocks Eddy swapped out for 2023 and why.

20:58 - Which stock performance surprised Eddy the most.

39:07 - An overview of the 2023 list and which stocks the TIP finance tool considers to be the most undervalued.

47:39 - Eddy’s thoughts on the markets.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
The Buy List for 2023.
Crossing Wall Street Blog.
Eddy Elfenbein'sTwitter.
ETF (Ticker: CWS) information.
Trey Lockerbie's Twitter.

NEW TO THE SHOW?

Check out our We Study Billionaires Starter Packs.
Browse through all our episodes (complete with transcripts)here.
Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
Enjoy exclusive perks from our favorite Apps and Services.
Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
Learn how to better start, manage, and grow your business with thebest business podcasts.

SPONSORS

Support our free podcast by supporting our sponsors:

HELP US OUT!

Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

BTC114: Bitcoin is Banking and Electrifying the Developing World w/ Lyn Alden and Alyse Killeen (Bitcoin Podcast) Jan 25, 2023

Show notes

Lyn Alden and Alyse Killeen talk about all the emerging businesses and ideas currently happening in the Bitcoin Lightning Network and where they see the space moving in the coming 12 to 24 months.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

01:12 - What are most important things that Lyn and Alyse are tracking going into 2023?

03:59 - What is the current state of the Bitcoin Lightning Network?

15:36 - How do they see stable coins versus CBDCs progressing in the coming year?

15:36 - Thoughts on Taro and whether it's a distraction to Bitcoin.

38:52 - Lyn's thoughts on inflation in places like Egypt and Argentina.

43:55 - Lyn's thoughts on the dollar and Global M2.

01:05:51 - What's one of the most exciting things happening in the VC space?

01:05:51 - How do Lyn and Alyse think about intrinsic value in the VC space?

01:19:30 - Lyn's thoughts on the changes to how CPI is calculated.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
Lyn's Macro Research Site.
Lyn's Twitter.
Alyse's Twitter.
Alyse's Fund Stillmark Capital.
Lyn's Fund Ego Death Capital.
Related Episode: Listen to TIP491: Macro and the Energy Market w/ Lyn Alden, or watch the video.
Related Episode: Listen to BTC042: Supply Chain Impacts & Bitcoin Discussion w/ Lyn Alden, or watch the video.
Related Episode: Listen to BTC031: Investment in Bitcoin Tech w/ Alyse Killeen, or watch the video.

NEW TO THE SHOW?

Check out our We Study Billionaires Starter Packs.
Browse through all our episodes (complete with transcripts)here.
Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
Enjoy exclusive perks from our favorite Apps and Services.
Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
Learn how to better start, manage, and grow your business with thebest business podcasts.

SPONSORS

Support our free podcast by supporting our sponsors:

Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm

TIP517: Mohnish Pabrai's Dhandho Investment Framework Jan 22, 2023

Show notes

On today’s episode, Clay reviews Mohnish Pabrai’s book, The Dhandho Investor. Mohnish is one of our very favorite investors to study here at TIP as we’ve interviewed him for the podcast multiple times in the past. Since its inception in 2000, Mohnish’s flagship fund has achieved a return of 781% to his investors net of fees versus 378% for the S&P 500.

IN THIS EPISODE YOU’LL LEARN:

00:00 - Intro

05:19 -The story of the Patels, who went from owning nothing in the US, to owning over 50% of the motel industry.

11:33 - The 9 Dhandho investment principles.

14:24 - How Dhandho investors are able to earn outsized returns with minimal risk.

25:09 - How to identify bargains in the market.

32:17 - The relationship between investing and gambling.

39:17 - Clay’s analysis on Mohnish’s largest US equity holding today.

49:46 - Mohnish’s investing checklist he uses prior to purchasing a company.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, and the other community members.
Tune into the recent We Study Billionaires' episode covering The Little Book of Valuation by Aswath Damodaran or watch the video.
Listen to the episode on Warren Buffett's Money Mind or watch the video.
Related Episode: Listen to Investing in Stocks w/ Mohnish Pabrai - TIP442, or watch the video.
Related Episode: Listen to Berkshire's Purchase of TSM & Meta "Doomsday" Analysis - TIP508, or watch the video.
Mohnish Pabrai’s book: The Dhandho Investor.
Follow Clay on Twitter.

NEW TO THE SHOW?

Check out our We Study Billionaires Starter Packs.
Browse through all our episodes (complete with transcripts)here.
Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool.
Enjoy exclusive perks from our favorite Apps and Services.
Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets.
Learn how to better start, manage, and grow your business with thebest business podcasts.